-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EGS3U1IeSJWdT8DpqNYgSHaeiS+WlT0Tpy55k7e1fd6tXhjz0jN7T/9JxbBW/Db8 ctpLnpJLzyNK7eqSRgEcsQ== 0001104659-05-043313.txt : 20050908 0001104659-05-043313.hdr.sgml : 20050908 20050908141208 ACCESSION NUMBER: 0001104659-05-043313 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050908 DATE AS OF CHANGE: 20050908 EFFECTIVENESS DATE: 20050908 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAX MANAGED GROWTH PORTFOLIO CENTRAL INDEX KEY: 0001002667 IRS NUMBER: 043291529 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-07409 FILM NUMBER: 051074957 BUSINESS ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 617-482-8260 MAIL ADDRESS: STREET 1: THE EATON VANCE BUILDING STREET 2: 255 STATE STREET CITY: BOSTON STATE: MA ZIP: 02109 N-CSRS 1 a05-13289_2ncsrs.htm N-CSRS

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-07409

 

Tax-Managed Growth Portfolio

(Exact name of registrant as specified in charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

December 31

 

 

Date of reporting period:

June 30, 2005

 

 


Item 1. Reports to Stockholders

 


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks - 99.3%      
Security   Shares   Value  
Aerospace & Defense - 3.0%      
Boeing Company (The)     796,801     $ 52,588,866    
General Dynamics Corp.     735,000       80,511,900    
Honeywell International, Inc.     277,798       10,175,741    
Northrop Grumman Corp.     3,489,713       192,806,643    
Raytheon Company     340,663       13,326,737    
Rockwell Collins, Inc.     109,067       5,200,315    
Teledyne Technologies, Inc.(1)     6,117       199,292    
United Technologies Corp.     3,658,876       187,883,283    
    $ 542,692,777    
Air Freight & Logistics - 2.5%      
FedEx Corp.     2,106,578     $ 170,653,884    
Robinson (C.H.) Worldwide, Inc.     1,039,952       60,525,206    
United Parcel Service, Inc. Class B     3,324,281       229,907,274    
    $ 461,086,364    
Airlines - 0.0%      
Southwest Airlines, Inc.     379,642     $ 5,288,413    
    $ 5,288,413    
Auto Components - 0.1%      
ArvinMeritor, Inc.     8,000     $ 142,320    
BorgWarner, Inc.     186,738       10,022,228    
Dana Corp.     25,000       375,250    
Delphi Corp.     5,361       24,929    
Johnson Controls, Inc.     234,164       13,190,458    
Visteon Corp.     9,828       59,263    
    $ 23,814,448    
Automobiles - 0.0%      
DaimlerChrysler AG     7,000     $ 283,570    
Ford Motor Co.     85,182       872,264    
General Motors Corp.     9,023       306,782    
Harley-Davidson, Inc.     140,700       6,978,720    
Honda Motor Co. Ltd. ADR     20,000       492,200    
    $ 8,933,536    
Beverages - 4.2%      
Anheuser-Busch Companies, Inc.     4,401,266     $ 201,357,919    
Brown-Forman Corp. Class A     547,732       35,054,848    

 

Security   Shares   Value  
Beverages (continued)  
Brown-Forman Corp. Class B     45,820     $ 2,770,277    
Coca-Cola Company (The)     3,550,659       148,240,013    
Coca-Cola Enterprises, Inc.     1,756,930       38,670,029    
PepsiCo., Inc.     6,274,023       338,358,060    
    $ 764,451,146    
Biotechnology - 1.7%      
Amgen, Inc.(1)     4,048,249     $ 244,757,135    
Applera Corp. - Celera Genomics Group(1)     26,000       285,220    
Biogen Idec, Inc.(1)     11,200       385,840    
Genzyme Corp.(1)     564,926       33,946,403    
Gilead Sciences, Inc.(1)     115,482       5,080,053    
Incyte Corp.(1)     14,294       102,202    
Invitrogen Corp.(1)     429,910       35,807,204    
Vertex Pharmaceuticals, Inc.(1)     13,000       218,920    
    $ 320,582,977    
Building Products - 0.9%      
American Standard Companies, Inc.     975,691     $ 40,900,967    
Masco Corp.     4,157,854       132,053,443    
Water Pik Technologies, Inc.(1)     2,141       40,786    
    $ 172,995,196    
Capital Markets - 3.9%      
Affiliated Managers Group(1)     20,520     $ 1,402,132    
Bank of New York Co., Inc. (The)     398,470       11,467,967    
Bear Stearns Companies, Inc.     88,001       9,146,824    
Credit Suisse Group     155,136       6,082,862    
Federated Investors, Inc.     1,666,768       50,019,708    
Franklin Resources, Inc.     1,462,116       112,553,690    
Goldman Sachs Group, Inc.     948,077       96,722,816    
Investors Financial Services Corp.     453,428       17,148,647    
Knight Capital Group, Inc.(1)     1,750,000       13,335,000    
Legg Mason, Inc.     26,461       2,754,855    
Lehman Brothers Holdings, Inc.     96,237       9,554,409    
Mellon Financial Corp.     235,337       6,751,819    
Merrill Lynch & Co., Inc.     2,041,332       112,293,673    
Morgan Stanley     3,744,289       196,462,844    
Northern Trust Corp.     429,252       19,569,599    
Nuveen Investments Class A     150,000       5,643,000    
Piper Jaffray Companies, Inc.(1)     40,992       1,247,387    
Price (T. Rowe) Group, Inc.     163,648       10,244,365    

 

See notes to financial statements

1


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Capital Markets (continued)  
Raymond James Financial, Inc.     147,337     $ 4,162,270    
Schwab (Charles) & Co.     857,261       9,669,904    
State Street Corp.     132,670       6,401,327    
UBS AG     63,392       4,935,067    
Waddell & Reed Financial, Inc., Class A     273,635       5,062,247    
    $ 712,632,412    
Chemicals - 0.9%      
Airgas, Inc.     264,027     $ 6,513,546    
Arch Chemicals, Inc.     4,950       123,552    
Ashland, Inc.(1)     116,107       8,344,610    
Bayer AG ADR     40,000       1,331,200    
Dow Chemical Co. (The)     266,675       11,875,038    
DuPont (E.I.) de Nemours & Co.     1,133,572       48,754,932    
Ecolab, Inc.     258,423       8,362,568    
MacDermid, Inc.     61,937       1,929,957    
Monsanto Company     19,181       1,205,909    
Olin Corp.     9,900       180,576    
PPG Industries, Inc.     23,542       1,477,496    
Rohm and Haas Co.     2,601       120,530    
RPM, Inc.     70,138       1,280,720    
Sigma-Aldrich Corp.     630,897       35,355,468    
Solutia, Inc.(1)     20,293       11,871    
Valspar Corp.     731,155       35,307,475    
    $ 162,175,448    
Commercial Banks - 8.7%      
Amegy Bancorp, Inc.     1,255,140     $ 28,090,033    
AmSouth Bancorporation     586,767       15,255,942    
Associated Banc-Corp.     1,056,688       35,568,118    
Bank of America Corp.     4,884,245       222,770,414    
Bank of Hawaii Corp.     69,735       3,539,051    
Bank of Montreal     266,320       12,391,870    
BB&T Corp.     1,804,226       72,114,913    
Canadian Imperial Bank of Commerce     100,000       6,197,000    
City National Corp.     184,221       13,210,488    
Colonial Bancgroup, Inc. (The)     253,936       5,601,828    
Comerica, Inc.     331,589       19,165,844    
Commerce Bancshares, Inc.     155,154       7,821,313    
Compass Bancshares, Inc.     299,160       13,462,200    
Fifth Third Bancorp     1,720,472       70,900,651    
First Citizens BancShares, Inc.     30,600       4,423,230    
First Financial Bancorp.     47,933       905,934    

 

Security   Shares   Value  
Commercial Banks (continued)  
First Horizon National Corp.     153,987     $ 6,498,251    
First Midwest Bancorp, Inc.     815,329       28,675,121    
Hibernia Corp. Class A     187,345       6,216,107    
HSBC Holdings PLC ADR     608,805       48,491,318    
Huntington Bancshares, Inc.     630,239       15,213,969    
KeyCorp     835,217       27,687,444    
M&T Bank Corp.     54,058       5,684,739    
Marshall & Ilsley Corp.     629,932       28,000,477    
National City Corp.     1,652,359       56,378,489    
North Fork Bancorporation, Inc.     1,825,892       51,289,306    
PNC Bank Corp.     149,958       8,166,713    
Popular, Inc.     1,432       36,072    
Regions Financial Corp.     1,883,666       63,818,604    
Royal Bank of Canada     353,553       21,906,144    
Royal Bank of Scotland Group PLC     50,837       1,531,287    
S&T Bancorp, Inc.     100,000       3,610,000    
Societe Generale     859,825       87,225,032    
SunTrust Banks, Inc.     1,388,437       100,300,689    
Synovus Financial Corp.     1,369,351       39,259,293    
TCF Financial Corp.     72,500       1,876,300    
Trustmark Corp.     205,425       6,010,735    
U.S. Bancorp     5,086,973       148,539,612    
Valley National Bancorp.     104,601       2,445,571    
Wachovia Corp.     2,071,982       102,770,307    
Wells Fargo & Co.     2,396,974       147,605,659    
Westamerica Bancorporation     268,474       14,178,112    
Whitney Holding Corp.     516,858       16,865,060    
Zions Bancorporation     231,190       16,999,401    
    $ 1,588,698,641    
Commercial Services & Supplies - 1.5%      
Allied Waste Industries, Inc.(1)     1,674,390     $ 13,277,913    
Avery Dennison Corp.     1,004,475       53,196,996    
Banta Corp.     42,341       1,920,588    
Cendant Corp.     784,731       17,554,432    
Century Business Services, Inc.(1)     185,000       749,250    
Cintas Corp.     1,568,941       60,561,123    
Consolidated Graphics, Inc.(1)     70,215       2,862,666    
Deluxe Corp.     32,000       1,299,200    
Donnelley (R.R.) & Sons Co.     91,260       3,149,383    
Equifax, Inc.     80,000       2,856,800    
HNI Corp.     1,331,533       68,107,913    
Hudson Highland Group, Inc.(1)     10,262       159,985    

 

See notes to financial statements

2


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Commercial Services & Supplies (continued)  
Ikon Office Solutions, Inc.     56,287     $ 535,289    
Imagistics International, Inc.(1)     809       22,652    
Manpower, Inc.     2,000       79,560    
Miller (Herman), Inc.     541,800       16,709,112    
Monster Worldwide, Inc.(1)     68,426       1,962,458    
Navigant Consulting, Inc.(1)     273,137       4,823,599    
PHH Corp.(1)     27,467       706,451    
Pitney Bowes, Inc.     22,857       995,422    
School Specialty Corp.(1)     49,197       2,287,660    
Steelcase, Inc.     123,000       1,703,550    
Waste Management, Inc.     1,014,367       28,747,161    
    $ 284,269,163    
Communications Equipment - 1.4%      
3Com Corp.(1)     869,674     $ 3,165,613    
ADC Telecommunications, Inc.(1)     41,693       907,656    
Alcatel S.A. ADR(1)     43,728       477,072    
Avaya, Inc.(1)     56,571       470,671    
Ciena Corp.(1)     380,378       794,990    
Cisco Systems, Inc.(1)     4,918,086       93,984,623    
Comverse Technology, Inc.(1)     340,508       8,053,014    
Corning, Inc.(1)     3,636,520       60,438,962    
Enterasys Networks, Inc.(1)     98,848       88,963    
JDS Uniphase Corp.(1)     52,451       79,726    
Lucent Technologies, Inc.(1)     555,464       1,616,400    
Motorola, Inc.     1,335,456       24,385,427    
Nokia Corp., Class A, ADR     2,042,478       33,986,834    
Nortel Networks Corp.(1)     996,447       2,600,727    
Qualcomm, Inc.     534,846       17,655,266    
Riverstone Networks, Inc.(1)     28,706       17,941    
Tellabs, Inc.(1)     110,405       960,523    
    $ 249,684,408    
Computers & Peripherals - 2.5%      
Dell, Inc.(1)     4,420,850     $ 174,667,783    
EMC Corp.(1)     1,377,291       18,882,660    
Gateway, Inc.(1)     86,345       284,938    
Hewlett-Packard Co.     913,405       21,474,152    
International Business Machines Corp.     1,689,360       125,350,512    
Lexmark International, Inc., Class A(1)     1,709,509       110,827,468    
McData Corp., Class A(1)     17,982       71,928    
Network Appliance, Inc.(1)     488,000       13,795,760    

 

Security   Shares   Value  
Computers & Peripherals (continued)      
PalmOne, Inc.(1)     64,913     $ 1,932,460    
Sun Microsystems, Inc.(1)     319,180       1,190,541    
    $ 468,478,202    
Construction & Engineering - 0.1%      
Dycom Industries, Inc.(1)     143,116     $ 2,835,128    
Jacobs Engineering Group, Inc.(1)     162,719       9,154,571    
    $ 11,989,699    
Construction Materials - 0.1%      
CRH PLC     329,450     $ 8,666,264    
Vulcan Materials Co.     184,512       11,991,435    
    $ 20,657,699    
Consumer Finance - 1.1%      
American Express Co.     613,160     $ 32,638,507    
Capital One Financial Corp.     1,409,490       112,773,295    
MBNA Corp.     496,474       12,987,760    
Providian Financial Corp.(1)     457,296       8,062,128    
SLM Corp.     905,499       45,999,349    
    $ 212,461,039    
Containers & Packaging - 0.1%      
Bemis Co.     295,186     $ 7,834,236    
Caraustar Industries, Inc.(1)     167,599       1,759,789    
Sealed Air Corp.(1)     37,014       1,842,927    
Sonoco Products Co.     148,033       3,922,874    
Temple-Inland, Inc.     115,924       4,306,577    
    $ 19,666,403    
Department Stores - 0.0%      
Neiman Marcus Group, Inc. (The)     6     $ 580    
    $ 580    
Distributors - 0.1%      
Genuine Parts Company     314,107     $ 12,906,657    
    $ 12,906,657    
Diversified Consumer Services - 0.5%      
Apollo Group, Inc. Class A(1)     47,312     $ 3,700,745    
Block (H&R), Inc.     787,622       45,957,744    

 

See notes to financial statements

3


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Diversified Consumer Services (continued)      
Laureate Education, Inc.(1)     520,213     $ 24,897,394    
Service Corp. International     142,389       1,141,960    
ServiceMaster Co.     1,156,537       15,486,030    
Stewart Enterprises, Inc.     114,000       745,560    
    $ 91,929,433    
Diversified Financial Services - 1.7%      
Citigroup, Inc.     4,109,506     $ 189,982,462    
Finova Group, Inc.(1)     175,587       14,925    
ING Groep NV ADR     257,281       7,216,732    
JPMorgan Chase & Co.     3,128,352       110,493,393    
Moody's Corp.     135,086       6,073,467    
    $ 313,780,979    
Diversified Telecommunication Services - 1.9%      
Alltel Corp.     1,598,689     $ 99,566,351    
AT&T Corp.     502,314       9,564,059    
BCE, Inc.     3,400,000       80,512,000    
BellSouth Corp.     185,784       4,936,281    
Cincinnati Bell, Inc.(1)     169,013       726,756    
Citizens Communications Co.     13,568       182,354    
Deutsche Telekom AG ADR     2,006,790       36,965,072    
McLeodUSA, Inc.(1)     947       48    
Qwest Communications International, Inc.(1)     47,762       177,197    
RSL Communications Ltd.(1)(2)     247,161       0    
SBC Communications, Inc.     1,285,015       30,519,106    
Sprint Corp.     101,903       2,556,746    
Telefonos de Mexico SA ADR     3,251,574       61,422,233    
Verizon Communications, Inc.     450,014       15,547,984    
    $ 342,676,187    
Electric Utilities - 0.3%      
Ameren Corp.     5,000     $ 276,500    
American Electric Power Co., Inc.     960       35,395    
Exelon Corp.     1,002,000       51,432,660    
PG&E Corp.     47,705       1,790,846    
Southern Co. (The)     65,985       2,287,700    
Teco Energy, Inc.     34,145       645,682    
    $ 56,468,783    
Electrical Equipment - 0.5%      
American Power Conversion Corp.     34,704     $ 818,667    
Baldor Electric Co.     149,060       3,625,139    

 

Security   Shares   Value  
Electrical Equipment (continued)  
Emerson Electric Co.     1,147,739     $ 71,882,894    
Rockwell International Corp.     159,099       7,749,712    
Roper Industries, Inc.     23,122       1,650,217    
Thomas and Betts Corp.(1)     114,600       3,236,304    
    $ 88,962,933    
Electronic Equipment & Instruments - 0.6%      
Agilent Technologies, Inc.(1)     461,232     $ 10,617,561    
Arrow Electronics, Inc.(1)     8,750       237,650    
Flextronics International, Ltd.(1)     441,607       5,833,628    
Jabil Circuit, Inc.(1)     2,127,971       65,392,549    
Molex, Inc., Class A     62,131       1,458,836    
National Instruments Corp.     735,687       15,596,564    
Plexus Corp.(1)     153,745       2,187,791    
Sanmina Corp.(1)     1,140,602       6,239,093    
Solectron Corp.(1)     1,752,794       6,643,089    
    $ 114,206,761    
Energy Equipment & Services - 0.7%      
Baker Hughes, Inc.     455,117     $ 23,283,786    
Core Laboratories NV(1)     31,290       839,198    
Grant Prideco, Inc.(1)     11,694       309,306    
Halliburton Co.     706,778       33,798,124    
National-Oilwell, Inc.(1)     427,772       20,336,281    
Schlumberger Ltd.     553,812       42,056,483    
Smith International, Inc.     140,000       8,918,000    
Transocean Sedco Forex, Inc.(1)     103,602       5,591,400    
    $ 135,132,578    
Food & Staples Retailing - 2.1%      
Albertson's, Inc.     981,818     $ 20,303,996    
Casey's General Stores, Inc.     35,260       698,853    
Costco Wholesale Corp.     927,132       41,554,056    
CVS Corp.     263,610       7,663,143    
Kroger Co. (The)(1)     1,354,998       25,785,612    
Safeway, Inc.     1,191,841       26,923,688    
Sysco Corp.(2)(3)     30,000       1,084,886    
Sysco Corp.     1,810,217       65,511,753    
Sysco Corp.(2)(3)     60,000       2,169,410    
Walgreen Co.     912,719       41,975,947    
Wal-Mart Stores, Inc.     2,991,799       144,204,712    
Winn-Dixie Stores, Inc.(1)     137,447       149,817    
    $ 378,025,873    

 

See notes to financial statements

4


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Food Products - 2.7%      
Archer-Daniels-Midland Co.     977,204     $ 20,892,622    
Campbell Soup Co.     1,276,023       39,263,228    
ConAgra Foods, Inc.     1,598,140       37,012,922    
Dean Foods Co.(1)     362,189       12,763,540    
Del Monte Foods Co.(1)     99,492       1,071,529    
General Mills, Inc.     159,029       7,440,967    
Heinz (H.J.) Co.     299,708       10,615,657    
Hershey Foods Corp.     506,511       31,454,333    
JM Smucker Co.     12,138       569,758    
Kellogg Co.     58,538       2,601,429    
Kraft Foods, Inc.     465       14,792    
Nestle SA     275,000       70,274,200    
Sara Lee Corp.     4,785,008       94,791,008    
Smithfield Foods, Inc.(1)     3,845,278       104,860,731    
TreeHouse Foods, Inc.(1)     72,438       2,065,202    
Tyson Foods, Inc.     315,272       5,611,842    
Wrigley (Wm.) Jr. Co.     857,367       59,021,144    
    $ 500,324,904    
Gas Utilities - 0.0%      
National Fuel Gas Co.     4,000     $ 115,640    
    $ 115,640    
Health Care Equipment & Supplies - 1.3%      
Advanced Medical Optics, Inc.(1)     31,158     $ 1,238,530    
Bausch & Lomb, Inc.     29,250       2,427,750    
Baxter International, Inc.     229,317       8,507,661    
Becton, Dickinson and Co.     64,173       3,367,157    
Biomet, Inc.     419,890       14,544,990    
Boston Scientific Corp.(1)     1,109,134       29,946,618    
Dentsply International, Inc.     7,705       416,070    
Dionex Corp.(1)     139,750       6,094,497    
Edwards Lifesciences Corp.(1)     10,353       445,386    
Guidant Corp.     57,206       3,849,964    
Hillenbrand Industries, Inc.     489,188       24,728,453    
Hospira, Inc.(1)     192,411       7,504,029    
Lumenis Ltd.(1)     100,000       150,000    
Medtronic, Inc.     2,066,441       107,020,979    
PerkinElmer, Inc.     254,526       4,810,541    
St. Jude Medical, Inc.(1)     48,028       2,094,501    
Steris Corp.     6,145       158,357    
Stryker Corp.     36,741       1,747,402    

 

Security   Shares   Value  
Health Care Equipment & Supplies (continued)      
Waters Corp.(1)     165,841     $ 6,164,310    
Zimmer Holdings, Inc.(1)     290,489       22,126,547    
    $ 247,343,742    
Health Care Providers & Services - 2.0%      
AmerisourceBergen Corp.     174,177     $ 12,044,340    
Beverly Enterprises, Inc.(1)     50,586       644,466    
Cardinal Health, Inc.     1,784,669       102,761,241    
Caremark Rx, Inc.(1)     701,471       31,229,489    
Cigna Corp.     11,836       1,266,807    
Express Scripts, Inc.(1)     53,316       2,664,734    
HCA, Inc.     140       7,934    
Health Management Associates, Inc., Class A     242,438       6,347,027    
IDX Systems Corp.(1)     60,000       1,808,400    
IMS Health, Inc.     280,530       6,948,728    
McKesson Corp.     2,631       117,842    
Medco Health Solutions, Inc.(1)     175,584       9,369,162    
Parexel International Corp.(1)     27,837       552,564    
Renal Care Group, Inc.(1)     372,577       17,175,800    
Schein (Henry) Corp.(1)     2,189,855       90,922,780    
Sunrise Assisted Living, Inc.(1)     144,000       7,773,120    
Tenet Healthcare Corp.(1)     3,961       48,483    
UnitedHealth Group, Inc.     403,952       21,062,057    
Ventiv Health, Inc.(1)     13,170       253,918    
WellPoint, Inc.(1)     808,000       56,269,120    
    $ 369,268,012    
Hotels, Restaurants & Leisure - 1.9%      
Brinker International, Inc.(1)     236,211     $ 9,460,251    
Carnival Corp.     561,335       30,620,824    
CBRL Group, Inc.     62,047       2,411,146    
Darden Restaurants, Inc.     184,714       6,091,868    
Evans (Bob) Farms, Inc.     50,957       1,188,317    
Gaylord Entertainment Co.(1)     428,482       19,920,128    
International Game Technology     400,000       11,260,000    
International Speedway Corp.     118,344       6,658,033    
Jack in the Box, Inc.(1)     500,000       18,960,000    
Lone Star Steakhouse & Saloon, Inc.     145,981       4,439,282    
Marriott International, Inc.     272,535       18,592,338    
McDonald's Corp.     863,972       23,975,223    
MGM Grand, Inc.(1)     188,890       7,476,266    
Navigant International, Inc.(1)     38,258       562,010    

 

See notes to financial statements

5


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Hotels, Restaurants & Leisure (continued)      
Outback Steakhouse, Inc.     1,534,369     $ 69,414,854    
Papa John's International, Inc.(1)     190,361       7,608,729    
Royal Caribbean Cruises Ltd.     500,000       24,180,000    
Sonic Corp.(1)     159,765       4,877,625    
Starbucks Corp.(1)     1,199,709       61,976,967    
Yum! Brands, Inc.     236,553       12,319,680    
    $ 341,993,541    
Household Durables - 0.6%      
Blyth Industries, Inc.     705,171     $ 19,780,047    
D.R. Horton, Inc.     625,255       23,515,841    
Department 56, Inc.(1)     5,455       55,914    
Fortune Brands, Inc.     128,148       11,379,542    
Helen of Troy Ltd.(1)     20,000       509,200    
Interface, Inc., Class A(1)     75,467       607,509    
Leggett & Platt, Inc.     1,813,805       48,210,937    
Maytag Corp.     27,073       423,963    
Newell Rubbermaid, Inc.     411,393       9,807,609    
Snap-On, Inc.     42,453       1,456,138    
    $ 115,746,700    
Household Products - 1.7%      
Clorox Co. (The)     53,688     $ 2,991,495    
Colgate-Palmolive Co.     714,888       35,680,060    
Energizer Holdings, Inc.(1)     168,981       10,505,549    
Kimberly-Clark Corp.     1,555,480       97,357,493    
Procter & Gamble Co.     3,183,122       167,909,686    
    $ 314,444,283    
Independent Power Producers & Energy
Traders - 0.2%		      
AES Corp.(1)     49,542     $ 811,498    
Duke Energy Corp.     417,416       12,409,778    
Dynegy, Inc.(1)     22,688       110,264    
TXU Corp.     199,013       16,535,990    
    $ 29,867,530    
Industrial Conglomerates - 2.9%      
3M Co.     745,287     $ 53,884,250    
General Electric Co.     12,324,290       427,036,649    
Teleflex, Inc.     33,700       2,000,769    
Tyco International, Ltd.     1,715,944       50,105,565    
    $ 533,027,233    

 

Security   Shares   Value  
Insurance - 5.9%  
21st Century Insurance Group     70,700     $ 1,049,188    
Aegon N.V. ADR     5,311,829       68,363,239    
AFLAC, Inc.     2,162,527       93,594,169    
Allstate Corp. (The)     191,610       11,448,698    
American International Group, Inc.     5,411,957       314,434,702    
AON Corp.     786,684       19,698,567    
Berkshire Hathaway, Inc., Class A(1)     487       40,664,500    
Berkshire Hathaway, Inc., Class B(1)     41,316       115,003,086    
Chubb Corp.     6,077       520,252    
Commerce Group, Inc.     120,000       7,453,200    
Gallagher (Arthur J.) and Co.     726,310       19,704,790    
Hartford Financial Services Group, Inc.     11,094       829,609    
Jefferson-Pilot Corp.     186,756       9,416,238    
Lincoln National Corp.     52,903       2,482,209    
Manulife Financial Corp.     74,958       3,583,742    
Marsh & McLennan Cos., Inc.     837,113       23,188,030    
MetLife, Inc.     1,869,700       84,024,318    
Old Republic International Corp.     240,548       6,083,459    
Progressive Corp.(2)(3)     10,900       1,076,221    
Progressive Corp.     1,995,408       197,166,264    
Safeco Corp.     161,000       8,748,740    
St. Paul Companies, Inc. (The)     291,677       11,529,992    
Torchmark Corp.     345,335       18,026,487    
UICI     43,597       1,297,883    
UnumProvident Corp.     53,710       983,967    
XL Capital Ltd., Class A     187,100       13,923,982    
    $ 1,074,295,532    
Internet & Catalog Retail - 0.3%      
Amazon.com Inc.(1)     23,500     $ 777,380    
eBay, Inc.(1)     1,257,244       41,501,624    
IAC/InterActiveCorp(1)     806,192       19,388,918    
    $ 61,667,922    
IT Services - 2.4%      
Accenture Ltd.(1)     3,138,000     $ 71,138,460    
Acxiom Corp.     647,804       13,526,148    
Affiliated Computer Services, Inc.(1)     183,730       9,388,603    
Automatic Data Processing, Inc.     1,554,446       65,240,099    
BISYS Group, Inc. (The)(1)     65,000       971,100    
Ceridian Corp.(1)     26,632       518,791    
Certegy, Inc.     42,862       1,638,186    
Computer Sciences Corp.(1)     268,947       11,752,984    

 

See notes to financial statements

6


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
IT Services (continued)  
CSG Systems International, Inc.(1)     25,200     $ 478,296    
DST Systems, Inc.(1)     309,105       14,466,114    
eFunds, Corp.(1)     1       18    
Electronic Data Systems Corp.     2,752       52,976    
First Data Corp.     3,813,208       153,062,169    
Fiserv, Inc.(1)     300,000       12,885,000    
Gartner Group, Inc., Class A(1)     3,000       31,860    
Gartner Group, Inc., Class B(1)     27,576       292,030    
Keane, Inc.(1)     38,193       523,244    
Paychex, Inc.     1,598,101       52,002,207    
Perot Systems Corp.(1)     689,196       9,800,367    
Safeguard Scientific, Inc.(1)     26,579       34,021    
SunGard Data Systems, Inc.(1)     627,684       22,075,646    
    $ 439,878,319    
Leisure Equipment & Products - 0.0%      
Eastman Kodak Co.     91,016     $ 2,443,780    
Mattel, Inc.     30,514       558,406    
    $ 3,002,186    
Machinery - 2.9%      
Caterpillar, Inc.(2)(3)     17,093     $ 1,628,265    
Caterpillar, Inc.     54,360       5,181,052    
Danaher Corp.     4,031,970       211,033,310    
Deere & Co.     3,350,000       219,391,500    
Donaldson Co., Inc.     79,326       2,405,958    
Dover Corp.     343,717       12,504,424    
Federal Signal Corp.     218,345       3,406,182    
Illinois Tool Works, Inc.     851,632       67,858,038    
ITT Industries, Inc.     4,214       411,413    
Nordson Corp.     163,978       5,621,166    
Parker-Hannifin Corp.     45,353       2,812,340    
Tecumseh Products Co., Class A     125,700       3,449,208    
Wabtec     94,504       2,029,946    
    $ 537,732,802    
Media - 4.8%      
ADVO, Inc.     750,000     $ 23,887,500    
Arbitron, Inc.     11,555       495,710    
Belo (A.H.) Corp.     542,924       13,013,888    
Cablevision Systems Corp.(1)     207,410       6,678,602    
Catalina Marketing Corp.     88,490       2,248,531    
Clear Channel Communications, Inc.     132,517       4,098,751    

 

Security   Shares   Value  
Media (continued)      
Comcast Corp. Class A(1)     1,979,071     $ 60,757,480    
Comcast Corp. Class A Special(1)     1,280,622       38,354,629    
EchoStar Communications, Class A     35,150       1,059,773    
Entercom Communications Corp.(1)     220,000       7,323,800    
Gannett Co., Inc.     1,070,142       76,119,200    
Havas Advertising, S.A. ADR     3,142,938       17,034,724    
Interpublic Group of Cos., Inc.(1)     1,130,574       13,770,391    
Knight Ridder, Inc.     18,123       1,111,665    
Lamar Advertising Co.(1)     241,409       10,325,063    
Liberty Global, Inc. Class A(1)     50,655       2,364,069    
Liberty Global, Inc. Class B(1)     1,643       79,751    
Liberty Media Corp. Class A(1)     1,326,604       13,518,095    
Liberty Media Corp. Class B(1)     32,876       347,828    
McClatchy Co. (The)     48,066       3,145,439    
McGraw-Hill Companies, Inc. (The)     693,928       30,706,314    
Meredith Corp.     78,054       3,829,329    
New York Times Co. (The), Class A     303,168       9,443,683    
News Corp. Inc. Class A     187,934       3,040,772    
Omnicom Group, Inc.     2,322,646       185,486,510    
Proquest Company(1)     115,000       3,770,850    
Publicis Groupe SA     329,132       9,686,087    
Reuters Holdings PLC ADR     1,431       60,666    
Scripps (The E.W.) Company     51,066       2,492,021    
Time Warner, Inc.(1)     4,154,531       69,422,213    
Tribune Co.     1,440,457       50,675,277    
Univision Communications, Inc.(1)     401,298       11,055,760    
Viacom, Inc., Class A     29,774       959,318    
Viacom, Inc., Class B     948,871       30,382,849    
Vivendi Universal SA ADR     490,725       15,374,414    
Walt Disney Co. (The)     4,887,954       123,078,682    
Washington Post Co. (The)     16,470       13,752,944    
Westwood One, Inc.     122,400       2,500,632    
WPP Group PLC     139,450       1,428,968    
WPP Group PLC ADR     256,051       13,071,404    
    $ 875,953,582    
Metals & Mining - 0.3%      
Alcoa, Inc.     697,947     $ 18,237,355    
Allegheny Technologies, Inc.     21,408       472,260    
Inco, Ltd.     200,000       7,550,000    
Nucor Corp.     421,662       19,236,220    
Phelps Dodge Corp.     14,862       1,374,735    
Steel Dynamics, Inc.     311,800       8,184,750    
    $ 55,055,320    

 

See notes to financial statements

7


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Multiline Retail - 1.8%      
99 Cents Only Stores(1)     1,142,232     $ 14,517,769    
Dollar General Corp.     101,456       2,065,644    
Dollar Tree Stores, Inc.(1)     659,218       15,821,232    
Family Dollar Stores, Inc.     2,618,411       68,340,527    
Kohl's Corp.(1)     55       3,075    
May Department Stores Co. (The)     437,780       17,581,245    
Nordstrom, Inc.     65,692       4,465,085    
Penney (J.C.) Company, Inc.     130,816       6,878,305    
Sears Holdings Corp.(1)     6,230       933,690    
Target Corp.     3,549,371       193,121,276    
    $ 323,727,848    
Multi-Utilities - 0.0%      
Dominion Resources, Inc.     3,249     $ 238,444    
Wisconsin Energy Corp.     9,576       373,464    
    $ 611,908    
Office Electronics - 0.0%      
Xerox Corp.(1)     42,878     $ 591,288    
Zebra Technologies Corp., Class A(1)     13,500       591,165    
    $ 1,182,453    
Oil, Gas & Consumable Fuels - 9.7%      
Amerada Hess Corp.     18,947     $ 2,018,045    
Anadarko Petroleum Corp.     2,556,996       210,057,221    
Apache Corp.     2,074,432       134,008,307    
BP PLC ADR     5,083,828       317,129,191    
Burlington Resources, Inc.     4,339,822       239,731,767    
Chevron Corp.     351,610       19,662,031    
ConocoPhillips     3,326,290       191,228,412    
Devon Energy Corp.     1,015,400       51,460,472    
El Paso Corp.     148,709       1,713,128    
Exxon Mobil Corp.     6,294,824       361,763,535    
Kerr-McGee Corp.     267,327       20,399,723    
Kinder Morgan, Inc.     1,781,672       148,235,110    
Marathon Oil Corp.     1,450       77,387    
Murphy Oil Corp.     39,036       2,038,850    
Newfield Exploration Co.(1)     120,000       4,786,800    
Royal Dutch Petroleum Co.     118,194       7,670,791    
Total SA ADR     400,000       46,740,000    
Valero Energy Corp.     103,020       8,149,912    
Williams Companies, Inc. (The)     219,065       4,162,235    
    $ 1,771,032,917    

 

Security   Shares   Value  
Paper and Forest Products - 0.2%  
Georgia-Pacific Corp.     488,939     $ 15,548,260    
International Paper Co.     112,154       3,388,172    
Louisiana-Pacific Corp.     70,750       1,739,035    
MeadWestvaco Corp.     84,358       2,365,398    
Neenah Paper, Inc.     41,453       1,283,799    
Weyerhaeuser Co.     89,778       5,714,370    
    $ 30,039,034    
Personal Products - 1.6%      
Avon Products, Inc.     173,400     $ 6,563,190    
Gillette Company     3,966,764       200,837,261    
Lauder (Estee) Companies, Inc.     2,092,312       81,872,169    
    $ 289,272,620    
Pharmaceuticals - 6.5%      
Abbott Laboratories     3,015,317     $ 147,780,686    
Allergan, Inc.     38,300       3,264,692    
Andrx Corp.(1)     180,170       3,659,253    
Bristol-Myers Squibb Co.     4,659,347       116,390,488    
Elan Corp. PLC ADR(1)     31,838       217,135    
Forest Laboratories, Inc.(1)     56,800       2,206,680    
GlaxoSmithKline PLC ADR     434,293       21,067,553    
Johnson & Johnson     3,276,675       212,983,875    
King Pharmaceuticals, Inc.(1)     505,637       5,268,738    
Lilly (Eli) & Co.     3,780,716       210,623,688    
Merck & Co., Inc.     2,536,057       78,110,556    
Mylan Laboratories, Inc.     27,992       538,566    
Novo Nordisk ADR     292,277       14,897,359    
Pfizer, Inc.     7,713,548       212,739,654    
Schering AG ADR     25,000       1,542,250    
Schering-Plough Corp.     2,481,743       47,302,022    
Sepracor, Inc.(1)     4,000       240,040    
Teva Pharmaceutical Industries Ltd. ADR     1,960,008       61,034,649    
Watson Pharmaceuticals, Inc.(1)     682,822       20,184,218    
Wyeth Corp.     840,705       37,411,373    
    $ 1,197,463,475    
Real Estate - 0.2%      
AvalonBay Communities, Inc.     28,867     $ 2,332,454    
Catellus Development Corp.     398,165       13,059,812    
Forest City Enterprises, Class A     38,663       2,745,073    
Jones Lang LaSalle, Inc.(1)     1,835       81,162    

 

See notes to financial statements

8


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Real Estate (continued)      
Plum Creek Timber Co., Inc.     198,791     $ 7,216,113    
Trammell Crow Co.(1)     473,932       11,488,112    
    $ 36,922,726    
Road & Rail - 0.2%      
ANC Rental Corp.(1)     389,417     $ 39    
Burlington Northern Santa Fe Corp.     192,065       9,042,420    
CSX Corporation     38,134       1,626,796    
Florida East Coast Industries, Inc.     121,978       5,281,647    
Heartland Express, Inc.     653,154       12,690,782    
Kansas City Southern Industries, Inc.(1)     15,215       307,039    
Norfolk Southern Corp.     3,990       123,530    
Union Pacific Corp.     10,453       677,354    
    $ 29,749,607    
Semiconductors & Semiconductor
Equipment - 2.3%		      
Agere Systems, Inc.(1)     16,588     $ 199,056    
Altera Corp.(1)     66,116       1,310,419    
Analog Devices, Inc.     574,160       21,421,910    
Applied Materials, Inc.     1,441,642       23,325,768    
Broadcom Corp., Class A(1)     541,281       19,220,888    
Broadcom Corp., Class A(1)(2)(3)     35,000       1,241,918    
Conexant Systems, Inc.(1)     134,174       216,020    
Cypress Semiconductor Corporation(1)     152,742       1,923,022    
Freescale Semiconductor, Class B(1)     101,704       2,154,091    
Intel Corp.     10,106,487       263,375,051    
KLA-Tencor Corp.     148,373       6,483,900    
Linear Technology Corp.     187,760       6,888,914    
LSI Logic Corp.(1)     132,810       1,127,557    
Maxim Integrated Products Co.     274,351       10,482,952    
Mindspeed Technologies, Inc.(1)     44,724       54,563    
Skyworks Solutions, Inc.(1)     98,685       727,308    
Taiwan Semiconductor Manufacturing Co., Ltd. ADR     909       8,293    
Teradyne, Inc.(1)     27,996       335,112    
Texas Instruments, Inc.     1,881,394       52,810,730    
Xilinx, Inc.     59,554       1,518,627    
    $ 414,826,099    
Software - 1.9%      
Adobe Systems, Inc.     550,338     $ 15,750,674    
Cadence Design Systems, Inc.(1)     596,556       8,148,955    
Cognos, Inc.(1)     77,000       2,628,780    

 

Security   Shares   Value  
Software (continued)      
Computer Associates International, Inc.     33,070     $ 908,764    
Compuware Corp.(1)     150,944       1,085,287    
Electronic Arts, Inc.(1)     21,405       1,211,737    
Fair Isaac Corp.     809,818       29,558,357    
Henry (Jack) & Associates     201,006       3,680,420    
Intuit, Inc.(1)     616,354       27,803,729    
Microsoft Corp.     7,131,480       177,145,963    
Oracle Corp.(1)     900,222       11,882,930    
PalmSource, Inc.(1)     20,110       170,935    
Parametric Technology Corp.(1)     94,600       603,548    
Reynolds & Reynolds Co.     216,412       5,849,616    
SAP AG ADR     600,000       25,980,000    
Siebel Systems, Inc.     179,184       1,594,738    
Symantec Corp.(1)     1,160,900       25,237,966    
VERITAS Software Corp.(1)     43,942       1,072,185    
Wind River Systems, Inc.(1)     91,910       1,441,149    
    $ 341,755,733    
Specialty Retail - 2.0%      
Abercrombie & Fitch Co.     11,225     $ 771,158    
AutoNation, Inc.(1)     1,480,654       30,383,020    
Best Buy Co., Inc.     113,610       7,787,966    
Burlington Coat Factory Warehouse Corp.     120,919       5,155,986    
CarMax, Inc.(1)     67,797       1,806,790    
Circuit City Stores, Inc.     216,000       3,734,640    
Gap, Inc. (The)     540,888       10,682,538    
Home Depot, Inc. (The)     4,288,033       166,804,484    
Limited Brands, Inc.     696,967       14,929,033    
Lowe's Companies     878,511       51,146,910    
Office Depot, Inc.(1)     80,276       1,833,504    
OfficeMax, Inc.     2,192       65,256    
Payless Shoesource, Inc.(1)     23,100       443,520    
Pep Boys - Manny, Moe & Jack (The)     62,500       846,250    
RadioShack Corp.     631,599       14,634,149    
Sherwin-Williams Co. (The)     80,569       3,793,994    
Staples, Inc.     300,587       6,408,515    
Tiffany & Co.     57,286       1,876,689    
TJX Companies, Inc. (The)     1,716,834       41,804,908    
Too, Inc.(1)     38,284       894,697    
    $ 365,804,007    

 

See notes to financial statements

9


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Security   Shares   Value  
Textiles, Apparel & Luxury Goods - 0.8%  
Coach, Inc.(1)     731,440     $ 24,554,441    
Nike, Inc., Class B     1,429,222       123,770,625    
Unifi, Inc.(1)     1,208       5,122    
    $ 148,330,188    
Thrifts & Mortgage Finance - 0.7%      
Countrywide Financial Corp.     1,299,998     $ 50,192,923    
Fannie Mae     342,499       20,001,942    
Freddie Mac     135,586       8,844,275    
Golden West Financial Corp.     74,590       4,802,104    
MGIC Investment Corp.     85,000       5,543,700    
Radian Group, Inc.     1,796       84,807    
Washington Mutual, Inc.     927,674       37,747,055    
    $ 127,216,806    
Tobacco - 0.3%      
Altria Group, Inc.     747,298     $ 48,320,289    
    $ 48,320,289    
Trading Companies & Distributors - 0.0%      
United Rentals, Inc.(1)     397,333     $ 8,030,100    
    $ 8,030,100    
Wireless Telecommunication Services - 0.1%      
Nextel Communications, Inc., Class A(1)     134,072     $ 4,331,866    
Telephone & Data Systems, Inc.     57,612       2,351,146    
Telephone & Data Systems, Inc., Special Shares     70,844       2,716,159    
Vodafone Group PLC ADR     232,062       5,643,748    
    $ 15,042,919    
Total Common Stocks
(identified cost $14,401,206,817)		           $ 18,213,694,712    
Convertible Preferred Stocks - 0.0%  
Security   Shares   Value  
Oil, Gas & Consumable Fuels - 0.0%  
Enron Corp.(1)(2)     11,050     $ 0    
    $ 0    
Total Convertible Preferred Stocks
(identified cost $16,626,069)		           $ 0    

 

Preferred Stocks - 0.0%  
Security   Shares   Value  
Commercial Banks - 0.0%  
Wachovia Corp. (Dividend Equalization
Preferred Shares)(1)		     166,518     $ 832    
    $ 832    
Total Preferred Stocks
(identified cost $39,407)		           $ 832    
Rights - 0.0%  
Security   Shares   Value  
Computers and Business Equipment - 0.0%  
Seagate Technology, Inc. (Tax Refund Rights)(1)(2)     197,392     $ 0    
    $ 0    
Diversified Telecommunication Services - 0.0%      
McLeodUSA, Inc. (Escrow Rights)(1)(2)     1,592,200     $ 0    
    $ 0    
Total Rights
(identified cost $0)		           $ 0    
Warrants - 0.0%  
Security   Shares   Value  
Communications Equipment - 0.0%  
Lucent Technologies, Inc.(1)     18,106     $ 13,942    
    $ 13,942    
Total Warrants
(identified cost $0)		           $ 13,942    
Commercial Paper - 0.4%  
Security   Principal
Amount
(000's omitted)		   Value  
General Electric Capital Corp., 3.38%, 7/1/05   $ 22,229     $ 22,229,000    
Societe Generale North America, 3.21%, 7/5/05     44,000       43,984,307    
Total Commercial Paper
(at amortized cost, $66,213,307)		           $ 66,213,307    

 

See notes to financial statements

10


Tax-Managed Growth Portfolio as of June 30, 2005

PORTFOLIO OF INVESTMENTS (Unaudited) CONT'D

Short-Term Investments - 0.0%      
Security   Principal
Amount
(000's omitted)		   Value  
Investors Bank and Trust Company
Time Deposit, 3.40%, 7/1/05		   $ 2,000     $ 2,000,000    
Total Short-Term Investments
(at amortized cost, $2,000,000)		       $ 2,000,000    
Total Investments - 99.7%
(identified cost $14,486,085,600)		       $ 18,281,922,793    
Other Assets, Less Liabilities - 0.3%       $ 52,382,242    
Net Assets - 100.0%       $ 18,334,305,035    

 

ADR - American Depository Receipt

(1)  Non-income producing security.

(2)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(3)  Security subject to restrictions on resale (see Note 7).

See notes to financial statements

11


Tax-Managed Growth Portfolio as of June 30, 2005

FINANCIAL STATEMENTS (Unaudited)

Statement of Assets and Liabilities

As of June 30, 2005

Assets      
Investments, at value (identified cost, $14,486,085,600)   $ 18,281,922,793    
Cash     2,828    
Receivable for investments sold     26,001,463    
Interest and dividends receivable     25,036,987    
Tax reclaim receivable     1,731,123    
Total assets   $ 18,334,695,194    
Liabilities      
Payable to affiliate for Trustees' fees   $ 11,217    
Accrued expenses     378,942    
Total liabilities   $ 390,159    
Net Assets applicable to investors' interest in Portfolio   $ 18,334,305,035    
Sources of Net Assets      
Net proceeds from capital contributions and withdrawals   $ 14,538,449,958    
Net unrealized appreciation (computed on the basis of identified cost)     3,795,855,077    
Total   $ 18,334,305,035    

 

Statement of Operations

For the Six Months Ended
June 30, 2005

Investment Income      
Dividends (net of foreign taxes, $3,207,044)   $ 159,204,525    
Interest     881,068    
Total investment income   $ 160,085,593    
Expenses      
Investment adviser fee   $ 40,134,219    
Trustees' fees and expenses     17,228    
Custodian fee     1,152,433    
Legal and accounting services     62,919    
Miscellaneous     43,048    
Total expenses   $ 41,409,847    
Deduct -
Reduction of custodian fee		   $ 231    
Reduction of investment adviser fee     88,889    
Total expense reductions   $ 89,120    
Net expenses   $ 41,320,727    
Net investment income   $ 118,764,866    
Realized and Unrealized Gain (Loss)      
Net realized gain (loss) -
Investment transactions (identified cost basis)		   $ 43,280,563    
Securities sold short     (30,244,833 )  
Foreign currency transactions     (67,842 )  
Net realized gain   $ 12,967,888    
Change in unrealized appreciation (depreciation) -
Investments (identified cost basis)		   $ (448,322,634 )  
Securities sold short     27,299,373    
Foreign currency     (135,492 )  
Net change in unrealized appreciation (depreciation)   $ (421,158,753 )  
Net realized and unrealized loss   $ (408,190,865 )  
Net decrease in net assets from operations   $ (289,425,999 )  

 

See notes to financial statements

12


Tax-Managed Growth Portfolio as of June 30, 2005

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease)
in Net Assets		   Six Months Ended
June 30, 2005
(Unaudited)		   Year Ended
December 31, 2004		  
From operations -
Net investment income		   $ 118,764,866     $ 212,033,371    
Net realized gain from investment
transactions, securities sold short and  
foreign currency transactions		     12,967,888       152,422,840    
Net change in unrealized appreciation
(depreciation) of investments, securities  
sold short and foreign currency		     (421,158,753 )     1,317,878,707    
Net increase (decrease) in net assets from
operations		   $ (289,425,999 )   $ 1,682,334,918    
Capital transactions -
Contributions		   $ 706,768,331     $ 1,775,098,351    
Withdrawals     (1,224,179,699 )     (1,925,879,872 )  
Net decrease in net assets from capital
transactions		   $ (517,411,368 )   $ (150,781,521 )  
Net increase (decrease) in net assets   $ (806,837,367 )   $ 1,531,553,397    
Net Assets      
At beginning of period   $ 19,141,142,402     $ 17,609,589,005    
At end of period   $ 18,334,305,035     $ 19,141,142,402    

 

See notes to financial statements

13


Tax-Managed Growth Portfolio as of June 30, 2005

FINANCIAL STATEMENTS CONT'D

Supplementary Data

    Six Months Ended
June 30, 2005		   Year Ended December 31,  
    (Unaudited)   2004   2003   2002   2001   2000  
Ratios/Supplemental Data†       
Ratios (As a percentage of average daily net assets):  
Net expenses     0.45 %(1)     0.45 %     0.45 %     0.45 %     0.45 %     0.45 %  
Net expenses after custodian fee reduction     0.45 %(1)     0.45 %     -       -       -       -    
Net investment income     1.29 %(1)     1.18 %     1.05 %     0.85 %     0.64 %     0.67 %  
Portfolio Turnover     0.12 %     3 %     15 %     23 %     18 %     13 %  
Total Return(2)      (1.49 )%     9.67 %     23.88 %     (19.52 )%     (9.67 )%     -    
Net assets, end of period (000's omitted)   $ 18,334,305     $ 19,141,142     $ 17,609,589     $ 14,571,522     $ 18,335,865     $ 18,385,069    
†   The operating expenses of the Portfolio reflect a reduction of the investment adviser fee. Had such action not been taken, the ratios would have been as follows:  
Ratios (As a percentage of average daily net assets):  
Expenses     0.45 %(1)     0.45 %                                  
Expenses after custodian fee reduction     0.45 %(1)     0.45 %                                  
Net investment income     1.29 %(1)     1.18 %                                  

 

(1)  Annualized.

(2)  Total return is required to be disclosed for fiscal years beginning after December 15, 2000. Total return is not computed on an annualized basis.

See notes to financial statements

14


Tax-Managed Growth Portfolio as of June 30, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited)

1  Significant Accounting Policies

Tax-Managed Growth Portfolio (the Portfolio) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company. The Portfolio, which was organized as a trust under the laws of the State of New York on December 1, 1995, seeks to provide long-term, after-tax returns through investing in a diversified portfolio of equity securities. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. The following is a summary of significant accounting policies consistently followed by the Portfolio in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuations - Securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System generally are valued at the official NASDAQ closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on the principal exchange or board of trade on which the options are traded or, in the absence of sales on such date, at the mean between the latest bid and asked prices therefore. Futures positions on securities and currencies generally are valued at closing settlement prices. Short-term debt securities with a remaining maturity of 60 days or less are valued at amortized cost. If short-term debt securities were acquired with a remaining maturity of more than 60 days, their amortized cost value will be based on their value on the sixty-first day prior to maturity. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnishe d by a pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities. Investments held by the Portfolio for which valuations or market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

B  Income Taxes - The Portfolio is treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of such taxable income. Since some of the Portfolio's investors are regulated investment companies that invest all or substantially all of their assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (unde r the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains, and any other items of income, gain, loss, deduction or credit.

C  Futures Contracts - Upon the entering of a financial futures contract, the Portfolio is required to deposit either in cash or securities an amount (initial margin) equal to a certain percentage of the purchase price indicated in the financial futures contract. Subsequent payments are made or received by the Portfolio (margin maintenance) each day, dependent on daily fluctuations in the value of the underlying security, and are recorded for book purposes as unrealized gains or losses by the Portfolio. The Portfolio's investment in financial futures contracts is des igned to hedge against anticipated future changes in the price of current or anticipated portfolio positions. Should prices move unexpectedly, the Portfolio may not achieve the anticipated benefits of the financial futures contracts and may realize a loss.

D  Put Options - Upon the purchase of a put option by the Portfolio, the premium paid is recorded as an investment, the value of which is marked-to-market daily. When a purchased option expires, the Portfolio will realize

15


Tax-Managed Growth Portfolio as of June 30, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

a loss in the amount of the cost of the option. When the Portfolio enters into a closing sale transaction, the Portfolio will realize a gain or loss depending on whether the sales proceeds from the closing sale transaction are greater or less than the cost of the option. When the Portfolio exercises a put option, settlement is made in cash. The risk associated with purchasing options is limited to the premium originally paid.

E  Securities Sold Short - The Portfolio may sell a security short if it owns at least an equal amount of the security sold short or another security exchangeable for an equal amount of the security sold short in anticipation of a decline in the market price of the securities or in order to hedge portfolio positions. The Portfolio will generally borrow the security sold in order to make delivery to the buyer. Upon executing the transaction, the Portfolio records the proceeds as deposits with brokers in the Statement of Assets and Liabilities and establishes an offset ting payable for securities sold short for the securities due on settlement. The proceeds are retained by the broker as collateral for the short position. The liability is marked-to-market and the Portfolio is required to pay the lending broker any dividend or interest income earned while the short position is open. A gain or loss is recorded when the security is delivered to the broker. The Portfolio may recognize a loss on the transaction if the market value of the securities sold increases before the securities are delivered.

F  Foreign Currency Translation - Investment valuations, other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to foreign currency exchange rates are recorded for financial statement purposes as net real ized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Indemnifications - Under the Portfolio's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Interestholders in the Portfolio are jointly and severally liable for the liabilities and obligations of the Portfolio in the event that the Portfolio fails to satisfy such liabilities and obligations; provided, however, that, to the extent assets are available in the Portfolio, the Portfolio may, under certain circumstances, indemnify interestholders from and against any claim or liability to which such holder may become subject by reason of being or having been an interestholder in the Portfolio. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H  Other - Investment transactions are accounted for on a trade-date basis. Dividend income is recorded on the ex-dividend date. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Interest income is recorded on the accrual basis.

I  Expense Reduction - Investors Bank & Trust Company (IBT) serves as custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives a fee reduced by credits which are determined based on the average daily cash balances the Portfolio maintains with IBT. All credit balances used to reduce the Portfolio's custodian fees are reported as a reduction of expenses on the Statement of Operations. For the six months ended June 30, 2005, there were $231 in credit balances used to reduce the Portfolio's custodian fee.

J  Use of Estimates - The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

K  Interim Financial Statements - The interim financial statements relating to June 30, 2005 and for the six months then ended have not been audited by an Independent Registered Public Accounting Firm, but in the opinion of the Portfolio's management reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation for management and investment advisory services rendered to the Portfolio. Under the advisory agreement, BMR receives a

16


Tax-Managed Growth Portfolio as of June 30, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

monthly advisory fee of 5/96 of 1% (0.625% annually) of the average daily net assets of the Portfolio up to $500,000,000, and at reduced rates as daily net assets exceed that level. Certain of the advisory fee rate reductions are pursuant to an agreement between the Portfolio's Board of Trustees and BMR. Those reductions may not be changed without Trustee and interestholder approval. For the six months ended June 30, 2005, the advisory fee was 0.44% (annualized) of the Portfolio's average daily net assets. BMR has also agreed to reduce the investment adviser fee by an amount equal to that portion of commissions paid to broker dealers in execution of Portfolio security transactions that is consideration for third-party research services. For the six months ended June 30, 2005, BMR waived $88,889 of its advisory fee. Except for Trustees of the Portfolio who are not members of E VM's or BMR's organization, officers and Trustees receive remuneration for their services to the Portfolio out of such investment adviser fee. Trustees of the Portfolio that are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees' Deferred Compensation Plan. For the six months ended June 30, 2005, no significant amounts have been deferred.

Certain officers and Trustees of the Portfolio are officers of the above organizations.

3  Investment Transactions

For the six months ended June 30, 2005, purchases and sales of investments, other than short-term obligations, aggregated $22,688,870 and $415,840,100, respectively. In addition, investments having an aggregate market value of $565,731,197 at dates of withdrawal were distributed in payment for capital withdrawals. During the six months ended June 30, 2005, investors contributed securities with a value of $468,511,867.

4  Federal Income Tax Basis of Unrealized Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of the investments owned at June 30, 2005 as computed on a federal income tax basis, were as follows:

Aggregate cost   $ 4,486,007,609    
Gross unrealized appreciation   $ 13,797,696,167    
Gross unrealized depreciation     (1,780,983 )  
Net unrealized appreciation   $ 13,795,915,184    

 

Unrealized appreciation on currency is $17,884.

5  Financial Instruments

The Portfolio may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments include written options, forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes.

The notional or contractual amounts of these instruments represent the investment the Portfolio has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Portfolio did not have any open obligations under these financial instruments at June 30, 2005.

6  Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and EVM and its affiliates in a $150 million unsecured line of credit agreement with a group of banks. Borrowings will be made by the Portfolio solely to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Interest is charged to each participating portfolio or fund based on its borrowings at an amount above either the Eurodollar rate or Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. The Portfolio did not have any significant borrowings or allocated fees during the six months ended June 30, 2005.

17


Tax-Managed Growth Portfolio as of June 30, 2005

NOTES TO FINANCIAL STATEMENTS (Unaudited) CONT'D

7  Restricted Securities

At June 30, 2005, the Portfolio owned the following securities (representing 0.04% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933. The securities are eligible for resale after December 15, 2005, except for the 17,093 shares of Caterpillar, Inc. and the 60,000 shares of Sysco Corp. which are eligible for resale after February 17, 2006 and May 19, 2006, respectively. The securities are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Common Stocks   Date of
Acquisition		   Shares   Cost   Fair Value  
Broadcom Corp. - Class A   12/15/04     35,000     $ 1,121,815     $ 1,241,918    
Caterpillar, Inc.   2/17/05     17,093       1,580,520       1,628,265    
Progressive Corp.   12/15/04     10,900       943,939       1,076,221    
Sysco Corp.   12/15/04     30,000       1,115,824       1,084,886    
Sysco Corp.   5/19/05     60,000       2,220,777       2,169,410    
    $ 6,982,875     $ 7,200,700    

 

8  Interestholder Meeting

The Portfolio held a Special Meeting of Interestholders on April 29, 2005 to elect Trustees. The results of the vote were as follows:

    Interest in the Portfolio  
Nominee for Trustee   Affirmative   Withhold  
Benjamin C. Esty     99 %     1 %  
James B. Hawkes     99 %     1 %  
Samuel L. Hayes, III     99 %     1 %  
William H. Park     99 %     1 %  
Ronald A. Pearlman     99 %     1 %  
Norton H. Reamer     99 %     1 %  
Lynn A. Stout     99 %     1 %  
Ralph F. Verni     99 %     1 %  

 

Results are rounded to the nearest whole number.

18


Eaton Vance Tax-Managed Growth Fund 1.0

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

The investment advisory agreement between Tax-Managed Growth Portfolio (the "Portfolio") and its investment adviser, Boston Management and Research, provides that the advisory agreement will continue in effect from year to year so long as its continuance is approved at least annually (i) by a vote of a majority of the noninterested Trustees of the Portfolio cast in person at a meeting called for the purpose of voting on such approval and (ii) by the Trustees of the Portfolio or by vote of a majority of the outstanding interests of the Portfolio.

In considering the annual approval of the investment advisory agreement between the Portfolio and the investment adviser, the Special Committee of the Board of Trustees considered information that had been provided throughout the year at regular Board meetings, as well as information furnished to the Special Committee for a series of meetings held in February and March in preparation for a Board meeting held on March 21, 2005 to specifically consider the renewal of the investment advisory agreement. Such information included, among other things, the following:

•  An independent report comparing Portfolio advisory fees with those of comparable funds;

•  An independent report comparing the Eaton Vance Tax-Managed Growth Fund 1.0's (the "Fund") expense ratio to those of comparable funds;

•  Information regarding Fund investment performance in comparison to a relevant peer group of funds and appropriate indices;

•  The economic outlook and the general investment outlook in relevant investment markets;

•  Eaton Vance Management's ("Eaton Vance") results and financial condition and the overall organization of the investment adviser;

•  The procedures and processes used to determine the fair value of Fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

•  The allocation of brokerage and the benefits received by the investment adviser as a result of brokerage allocation;

•  Eaton Vance's management of the relationship with the custodian, subcustodians and fund accountants;

•  The resources devoted to compliance efforts undertaken by Eaton Vance on behalf of the funds it manages and the record of compliance with the investment policies and restrictions and with policies on personal securities transactions;

•  The quality, nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance and its affiliates; and

•  The terms of the advisory agreement and the reasonableness and appropriateness of the particular fee paid by the Portfolio for the services described therein.

In evaluating the investment advisory agreement between Eaton Vance and the Portfolio, the Special Committee also considered information relating to the education, experience and number of investment professionals and other Eaton Vance personnel whose responsibilities include portfolio management. The Special Committee also considered the investment adviser's experience in managing equity funds with an objective of after-tax returns. The Special Committee also took into account the time and attention to be devoted by senior management to the Portfolio and the other funds in the complex. The Special Committee also took into account the time and attention to be devoted by senior management to the Portfolio and the other funds in the complex. The Special Committee evaluated the level of skill and expertise required to

19


Eaton Vance Tax-Managed Growth Fund 1.0

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D

manage the Portfolio and concluded that the human resources available at the investment adviser were appropriate to fulfill effectively its duties on behalf of the Portfolio.

In its review of comparative information with respect to Fund investment performance, the Special Committee concluded that the Fund has performed within a range that the Special Committee deemed competitive. With respect to its review of investment advisory fees, the Special Committee concluded that the fees paid by the Portfolio are within the range of those paid by comparable funds within the mutual fund industry. In reviewing the information regarding the expense ratio of the Fund, the Special Committee concluded that the Fund's expense ratio is within a range that is competitive with comparable funds.

In addition to the factors mentioned above, the Special Committee reviewed the profit levels of the investment adviser and its affiliates in providing investment management and administration services for the Fund and Portfolio and for all Eaton Vance funds as a group. The Special Committee also considered the other benefits realized by Eaton Vance and its affiliates in connection with the operation of the Portfolio, as well as Eaton Vance's implementation of a soft dollar reimbursement program. Pursuant to the soft dollar reimbursement program, the Portfolio may receive reimbursement payments in respect of third party research services obtained by Eaton Vance as a result of soft dollar credits generated through trading on behalf of the Portfolio. In addition, the Special Committee considered the fiduciary duty assumed by the investment adviser in connection with the services rendered to the Po rtfolio and the business reputation of the investment adviser and its financial resources. The Trustees concluded that, in light of the services rendered, the profits realized by the investment adviser are not unreasonable. The Special Committee also considered the extent to which the investment adviser appears to be realizing benefits from economies of scale in managing the Portfolio, and concluded that the fee breakpoints which are in place will allow for an equitable sharing of such benefits, when realized, with the Portfolio and the shareholders of the Fund.

The Special Committee did not consider any single factor as controlling in determining whether or not to renew the investment advisory agreement. Nor are the items described herein all the matters considered by the Special Committee. In assessing the information provided by Eaton Vance and its affiliates, the Special Committee also took into consideration the benefits to shareholders of investing in a fund that is a part of a large family of funds which provides a large variety of shareholder services.

Based on its consideration of the foregoing factors and conclusions, and such other factors and conclusions as it deemed relevant, and assisted by independent counsel, the Special Committee concluded that the renewal of the investment advisory agreement, including the fee structure, is in the interests of shareholders.

20


Eaton Vance Tax-Managed Growth Fund 1.0

INVESTMENT MANAGEMENT

Eaton Vance Tax-Managed Growth Fund 1.0

Officers
Duncan W. Richardson
President
Thomas E. Faust Jr.
Vice President
Michelle A. Green
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer		   Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
James B. Hawkes
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
Ralph F. Verni		  

 

Tax-Managed Growth Portfolio

Officers
Duncan W. Richardson
President and Portfolio Manager
Thomas E. Faust Jr.
Vice President
Michelle A. Green
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer		   Trustees
Samuel L. Hayes, III
Chairman
Benjamin C. Esty
James B. Hawkes
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
Ralph F. Verni		  

 

21


Item 2. Code of Ethics

 

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

 

Item 3. Audit Committee Financial Expert

 

The registrant’s Board has designated William H. Park, Samuel L. Hayes, III and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public

 


 

accountant who is the President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm).  Previously, he served as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms).  Mr. Hayes is the Jacob H. Schiff Professor of Investment Banking Emeritus of the Harvard University Graduate School of Business Administration.  Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

 

Item 4. Principal Accountant Fees and Services

 

Not required in this filing

 

Item 5.  Audit Committee of Listed registrants

 

Not required in this filing.

 

Item 6. Schedule of Investments

 

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

Not required in this filing.

 

Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not required in this filing.

 

Item 9. Submission of Matters to a Vote of Security Holders.

 

Effective February 7, 2005, the Governance Committee of the Board of Trustees revised the procedures by which a Fund’s shareholders may recommend nominees to the registrant’s Board of Trustees to add the following (highlighted):

 

The Governance Committee shall, when identifying candidates for the position of Independent Trustee, consider any such candidate recommended by a shareholder of a Fund if such recommendation contains

 


 

(i) sufficient background information concerning the candidate, including evidence the candidate is willing to serve as an Independent Trustee if selected for the position; and (ii) is received in a sufficiently timely manner (and in any event no later than the date specified for receipt of shareholder proposals in any applicable proxy statement with respect to a Fund).  Shareholders shall be directed to address any such recommendations in writing to the attention of the Governance Committee, c/o the Secretary of the Fund. The Secretary shall retain copies of any shareholder recommendations which meet the foregoing requirements for a period of not more than 12 months following receipt. The Secretary shall have no obligation to acknowledge receipt of any shareholder recommendations

 

Item 10. Controls and Procedures

 

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

 

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 11. Exhibits

 

(a)(1)

 

Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

 

Treasurer’s Section 302 certification.

(a)(2)(ii)

 

President’s Section 302 certification.

(b)

 

Combined Section 906 certification.

 


Signatures

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Tax-Managed Growth Portfolio

 

By:

/s/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

President

 

 

 

 

Date:

August 22, 2005

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

By:

/s/ Michelle A. Green

 

 

Michelle A. Green

 

Treasurer

 

 

 

 

Date:

August 22, 2005

 

 

 

 

 

By:

/s/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

President

 

 

 

 

Date:

August 22, 2005

 

 EX-99.CERT 2 a05-13289_2ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

Tax-Managed Growth Portfolio

FORM N-CSR

 

Exhibit 11(a)(2)(i)

 

CERTIFICATION

 

I, Michelle A. Green.; certify that:

 

1.             I have reviewed this report on Form N-CSR of Tax-Managed Growth Portfolio;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: August 22, 2005

 

 

/s/ Michelle A. Green

 

 

Michelle A. Green

 

Treasurer

 


 

Tax-Managed Growth Portfolio

FORM N-CSR

 

Exhibit 11(a)(2)(ii)

 

CERTIFICATION

 

I, Duncan W. Richardson, certify that:

 

1.             I have reviewed this report on Form N-CSR of Tax-Managed Growth Portfolio;

 

2.             Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.             Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.             The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)           Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)           Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.             The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:  August 22, 2005

 

 

/s/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

President

 

 EX-99.906CERT 3 a05-13289_2ex99d906cert.htm EX-99.906CERT

Exhibit 99.906 CERT

 

Form N-CSR Item 11(b) Exhibit

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Tax-Managed Growth Portfolio (the “Portfolio”) that:

 

(a)               the Semi-Annual Report of the Portfolio on Form N-CSR for the period ended June 30, 2005 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

(b)              the information contained in the Report fairly presents, in all material respects, the financial condition and the results of operations of the Portfolio for such period.

 

A signed original of this written statement required by section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

 

 

Tax-Managed Growth Portfolio

 

Date:

August 22, 2005

 

 

 

/s/ Michelle A. Green

 

Michelle A. Green

Treasurer

 

Date:

August 22, 2005

 

 

 

/s/ Duncan W. Richardson

 

Duncan W. Richardson

President

 

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